Sherpa Movers has just gone public. Under a firm commitment agreement, the firm received $34.40 for each of the 3.5 million shares sold. The initial offering price was $37 per share, and the stock rose to $43 per share in the first few minutes of trading. Sherpa Movers paid $896,000 in legal and other direct costs and $225,000 in indirect costs. What was the flotation cost as a percentage of the funds raised?

	22.91 percent
	23.85 percent
	24.49 percent
	26.17 percent
	28.60 percent